The Nigerian Government through its Ministry of Industry, Trade, and Investment has announced that it will collaborate with China to deepen trade cooperation through the production of ‘Made in Nigeria with Chinese characteristics’ brands.
According to Daily Trust, Nigeria’s Minister of Industry, Trade, and Investment, Adeniyi Adebayo announced this while receiving COVID-19 donations from the China General Chamber of Commerce in Abuja.
The minister in an earlier meeting with the Chinese Ambassador to Nigeria pledged support to activities of Chinese companies in Nigeria and said that the government will continue to “encourage more Chinese companies to invest in Nigeria”.
Adebayo’s “Made in Nigeria with China Campaign” comes amid recent concerns that the Chinese are taking over Nigeria’s economy. Chinese companies have investments worth over $20 billion. According to the President of the China Chambers of Commerce in Nigeria, Ye Shuijin, “The 160 Chinese firms operating in [Nigeria] employ over 200,000 Nigerian..Chinese investment in Nigeria now is about $20 billion and we have employed over 200,000 Nigerians. Our workforce is 95% Nigerians.”With a population of 203.42 million and an economy represents over 70% of the effective West African market, Nigeria remains the most competitive destination for foreign investment in Africa.